Resort shares its profits with Bermuda College
Bermuda College received a share of profits from the Coco Reef resort for the second year running this year. But mystery surrounds the status of the next phase of development which was to see 66 units built on the South Shore property.
In November last year, hotelier John Jefferis said he hoped to break ground early this year on a new development of 66, 3,000-square foot luxury villas and condos at the resort, following Government’s decision to allow owners of tourism-zoned condos and homes to reside on the Island year-round.
Mr Jefferis already has a Special Development Order to build on an additional seven acres on the eastern side of Coco Reef.
He did not respond to inquiries seeking an update of his plans.
Meanwhile, the Bermuda College is reporting that it has received a share of profits from the resort for the second year running, and is now receiving $250,000 annual rent, as per the terms of the lease.
Coco Reef was given a lease for the Stonington property owned by Bermuda College on South Road in Paget in June 2003. Under the terms of the lease, it was to pay no rent for the first five years, $200,000 annual rent for the next five and $250,000 annually starting in May this year.
The Bermuda College was also to be entitled to a 20 percent share of the resort’s profits.
Yesterday, Bermuda College president Duranda Greene said that both parties were abiding by the terms of the lease, including a training component which provides for College hospitality students to intern at the resort.